Jakarta, 21 May 2025 – The Asian Banker Summit 2025 opened with a shared call for responsible innovation in finance, underscoring the need for public-private collaboration in navigating the shift from physical currency to programmable digital money. Leaders across the financial ecosystem addressed the implications of artificial intelligence (AI), regulatory frameworks and monetary transformation, stressing that the next phase of financial infrastructure must balance speed and trust, creativity and control. Indonesia advances digital inclusion through AI and cross-sector collaboration Hery Gunardi, Chairman of PERBANAS and President Director of Bank Rakyat Indonesia (BRI), framed Indonesia’s journey as both ambitious and inclusive: “Digital transformation is not an option—it is a necessity,” he said. “We are seeing how AI-powered solutions have already helped financial institutions reach underserved communities, especially through alternative data.” He cited the government’s commitment to develop nine million digital talents by 2030 and the improvement of the financial literacy index from 21.84% in 2013 to 65.43% in 2024 as indicators of a system-wide readiness for digitalisation. Gunardi pointed to innovations in micro-loans and credit scoring based on smartphone usage and transactions, calling them “real examples of inclusive finance in action.” He emphasised that Indonesia must now look outward, “ASEAN needs a common framework to deal with AI ethics, cybersecurity, and regulatory innovation. Otherwise, fragmentation will hold us back.” OJK sets national baseline for AI governance in finance Indarto Budiwitono, Deputy Commissioner at Indonesia’s Financial Services Authority (OJK), introduced the newly launched AI Governance Guidelines for commercial banks, describing them as “a necessary next step to ensure innovation does not compromise trust and security.” “AI-related risks must be managed holistically,” he said, “from model design to implementation, monitoring and eventual decommissioning.” The guidelines include mandatory disclosures on AI-driven decision-making, internal audit requirements, and accountability structures. “Banks must disclose their involvement in AI decision-making processes and provide a clear explanation of how these systems work.” Budiwitono also acknowledged the uneven maturity levels across institutions: “Some banks are using third-party cloud-based solutions, others are developing models in-house—but many still lack robust internal control systems.” OJK’s approach builds on the national AI strategy and integrates provisions from regulations to embed AI risk into banks’ broader operational and reputational risk management. Rosie Rios: “Code is powerful. And how we shape that code will define the credibility of money.” Rosie Rios, 43rd Treasurer of the United States and Chair of America250, focused her keynote on the transformation of money itself. “For much of the 20th century, the dollar meant one thing—cash,” she said. “But the dollar has entered a new era, enabled by blockchain and the rise of stablecoins.” She presented data showing that $27.6 trillion in value moved through stablecoins last year and that 95% of these were dollar-backed, noting, “The train has left the station—cryptocurrency is going mainstream.” Importantly, Rios did not frame this shift as a threat, but as an opportunity. “Yes to private-sector-led innovation,” she said, “especially dollar-backed stablecoins that align with U.S. interests.” She introduced two new developments from the US regulatory front. A Presidential working group on digital finance chaired by David Sacks. The GENIUS Act, a bipartisan bill aimed at “long-needed clarity on how stablecoins are issued, backed and regulated.” “Governments must catch up—not to stifle innovation, but to shape it,” she said. “Whoever builds the dominant digital infrastructure will be setting the rules of the global financial system.” Rios also referenced her current role, “I am on the board at Ripple—a platform that moves, holds, and manages value for financial institutions. Cross-border payments are at the heart of what we do.” Maja Pantic: “Europe is setting boundaries, but falling behind in innovation.” Maja Pantic, AI Research Lead at NatWest, turned the spotlight back on AI regulation and innovation. “The EU is ahead in setting ethical boundaries,” she said, “but it’s falling behind in practical innovation.” She warned that over-regulation risks stifling progress, especially when compliance burdens outpace institutional readiness. “We are seeing creative work move outside regulated environments—and that is not where it should be.” While agreeing on the need for frameworks, she argued for regulatory agility, “Innovation in AI doesn’t happen linearly. If you slow it too much, you lose momentum—and that’s hard to regain.” TAB Global advisor, Gordian Gaeta added that the real risk may be concentration, where a few dominant platforms—either tech firms or global banks—control AI and digital infrastructure. TAB Global founder Emmanuel Daniel noted that real progress depends on continuous, not reactive, dialogue between regulators and industry. Rios acknowledged the point, “This isn’t about slowing innovation. It’s about building guardrails that allow innovation to succeed.” Balancing trust and transformation From AI deployment in retail banking to programmable money and cross-border regulation, the opening session of The Asian Banker Summit 2025 made one thing clear: financial institutions and regulators must co-create the infrastructure of the future. That infrastructure is increasingly powered by data, code, and decentralised platforms—but it must remain rooted in credibility and accountability. As Rosie Rios closed, “Innovation is critical—but so is trust. And that trust is built on clarity, governance, and shared responsibility.”
